TIDMNSCI
RNS Number : 1921T
NetScientific PLC
18 March 2019
NetScientific plc
("NetScientific" or the "Company")
PDS completes merger with Edge Therapeutics
Further to its announcement 26 November 2018, NetScientific plc
(AIM: NSCI) is pleased to announce that PDS Biotechnology
Corporation, a privately-held Portfolio Company which focuses on
late clinical-stage cancer immunotherapy company, and Edge
Therapeutics, Inc. (Nasdaq: EDGE) have completed their all share
merger and that trading of the combined company will operate under
the PDS Biotechnology Corporation name and will start trading on
Nasdaq today under the ticker PDSB.
The full text of the announcement released by PDS Biotechnology
Corporation this morning can be found below.
Commenting on the news, NetScientific's Chief Executive Officer,
Francois R. Martelet said:
"We are delighted that the merger has completed, and with the
liquidity attributable to NetScientific's holding in PDS
Biotechnology Corporation following the listing on Nasdaq."
# # #
For more information, please contact:
NetScientific Tel: +44 (0)20 3514
François R. Martelet, M.D., CEO 1800
Ian Postlethwaite, CFO
WH Ireland Limited (NOMAD, Financial Adviser Tel: +44 (0)20 7220
and Broker) 1666
Chris Fielding / Jessica Cave
Consilium Strategic Communications Tel: +44 (0)20 3709
Mary-Jane Elliott / Chris Welsh / Laura Thornton 5700
NetScientific@consilium-comms.com
About NetScientific
NetScientific is a transatlantic healthcare technology group
with an investment strategy focused on sourcing, funding and
commercialising technologies that significantly improve the health
and well-being of people with chronic diseases.
For more information, please visit the website at
http://www.NetScientific.net
Shares of Combined Company to Commence Trading on Nasdaq Capital
Market under New Symbol "PDSB" on March 18, 2019
PRINCETON, N.J., March 18, 2019 (GLOBE NEWSWIRE) -- PDS
Biotechnology Corporation ("PDS Biotechnology"), a clinical-stage
immuno-oncology company pioneering the development of novel
multifunctional immunotherapeutic products, today announced the
closing of its merger with Edge Therapeutics, Inc. ("Edge"),
following the approval of Edge stockholders on March 14, 2019.
Following the merger, Edge will operate as "PDS Biotechnology
Corporation" and the stock will trade on the Nasdaq Capital Market
beginning on March 18, 2019 under the ticker symbol "PDSB."
In connection with the closing of the merger, Edge effected a
20-1 reverse split of its common stock. Shares of the combined
company's common stock will begin trading on a split-adjusted basis
under the new ticker symbol on the Nasdaq Capital Market on March
18, 2019. Immediately following the completion of the merger and
the reverse stock split, the total number of issued and outstanding
shares of the combined company's common stock will be 5,348,174,
with pre-merger PDS Biotechnology stockholders collectively owning
approximately 70% of the issued and outstanding common stock of the
combined company and pre-merger Edge stockholders owning
approximately 30% of the issued and outstanding common stock of the
combined company. The combined company's cash and cash equivalents,
following the closing of the merger, were approximately $25
million.
"With the merger complete, we are very excited about the future
of PDS Biotechnology. Moving forward as a public company, we have
assembled an experienced and accomplished leadership team to guide
the company into the future. We also now have the ability to access
the capital markets as we demonstrate the potential of the
Versamune(R) platform to overcome some of the key obstacles facing
immunotherapy, and progress our lead asset toward
commercialization," said Frank K. Bedu-Addo Ph.D., Chief Executive
Officer of the combined company. "As we look ahead, we have some
important milestones on the horizon. We expect to initiate two
phase 2 human clinical studies and a potential registration trial
for our lead asset, PDS0101, in the fourth quarter of 2019. These
studies are expected to evaluate PDS0101 monotherapy for the
treatment of high grade cervical dysplasia, and PDS0101 in
combination with Keytruda(R) for the treatment of head and neck
cancer."
About PDS Biotechnology
PDS Biotechnology is a clinical stage immuno-oncology company
with a growing pipeline of clinical-stage immunotherapies to treat
various early-stage and late-stage cancers, including head and neck
cancer, prostate cancer, breast cancer, cervical cancer, anal
cancer, and other cancers.
PDS Biotechnology's lead product candidate, PDS0101, is an off
the shelf immunotherapeutic that is administered by subcutaneous
injection. PDS0101 has demonstrated potent in-vivo induction of the
critical phenotype of tumor-attacking killer (CD8) T-cells, and
induction of memory T-cells, in a human Phase 1/2a clinical study.
No dose-limiting toxicities were observed in that Phase 1/2a study,
suggesting potential for a rare combination of potency and safety
in the cancer-treating immunotherapeutic product class. Previous
PDS0101 preclinical studies also demonstrated potent CD8 T-cell
induction, as well as the ability to completely cure advanced
HPV-positive tumors with low doses of the immunotherapy.
For additional information about PDS, please visit
www.pdsbiotech.com.
About Versamune(R)
Versamune(R) is a proprietary, clinical stage, synthetic
lipid-based immunotherapy platform. PDS's pipeline of
Versamune(R)-based products, which are all administered by
subcutaneous injection, provides strong activation of type I
interferon genes. The Versamune(R) mechanism of action also
involves effective presentation of tumor antigens via the MHC Class
I pathway. These two mechanisms together promote strong in-vivo
induction of polyfunctional tumor-targeting CD8+ T-cells. This
result, as well as a high degree of safety, was confirmed in the
PDS0101 Phase 1/2a human clinical trial.
Versamune(R)-based immunotherapies have been demonstrated to
alter the tumor micro-environment in preclinical mechanism of
action studies, thus further enhancing the ability of
Versamune(R)-induced T-cells to effectively kill tumor cells.
Versamune(R) is now being applied to the development of multiple
clinical-stage cancer products, including those intended to address
both early and late-stage cancer indications as monotherapies, as
well as combinations with other successful immuno-oncology
approaches such as checkpoint inhibitors.
Forward Looking Statements
This communication contains forward-looking statements
(including within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended, and Section 27A of the
United States Securities Act of 1933, as amended) concerning the
combined company and other matters. These statements may discuss
goals, intentions and expectations as to future plans, trends,
events, results of operations or financial condition, or otherwise,
based on current beliefs of the management of the combined company,
as well as assumptions made by, and information currently available
to, management. Forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as "may, "
"will," "should," "would," "expect," "anticipate," "plan,"
"likely," "believe," "estimate," "project," "intend, " and other
similar expressions among others. Statements that are not
historical facts are forward-looking statements. Forward-looking
statements are based on current beliefs and assumptions that are
subject to risks and uncertainties and are not guarantees of future
performance. Actual results could differ materially from those
contained in any forward-looking statement as a result of various
factors, including, without limitation: the ability of the combined
company to integrate Edge and PDS Biotechnology following the
merger, the ability of the combined company to protect its
intellectual property rights; competitive responses to the
completion of the merger; potential adverse reactions or changes to
business relationships resulting from the completion of the merger;
the ability of the combined company to access capital markets, the
timing for the combined company to initiate two clinical trials for
its lead asset, PDS0101, and legislative, regulatory, political and
economic developments. The foregoing review of important factors
that could cause actual events to differ from expectations should
not be construed as exhaustive and should be read in conjunction
with statements that are included herein and elsewhere, including
the risk factors included in Edge's S-4 relating to the merger as
well as its periodic reports filed with the SEC. Except as required
by applicable law, the combined company undertakes no obligation to
revise or update any forward-looking statement, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
Media & Investor Relations Contact:
Lee Roth
The Ruth Group
Phone: +1-646-536-7012
Email: lroth@theruthgroup.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCJPMITMBMBBRL
(END) Dow Jones Newswires
March 18, 2019 10:09 ET (14:09 GMT)
Netscientific (LSE:NSCI)
Historical Stock Chart
From Apr 2024 to May 2024
Netscientific (LSE:NSCI)
Historical Stock Chart
From May 2023 to May 2024